Alchemy Announces Positive Power Cell Test Results at NASA Jet Propulsion Labs.

PHOENIX -- Alchemy Enterprises, Ltd. (OTCBB:ACHM) announced today that it has achieved important results from the NASA Jet Propulsion Laboratories on the development of the Electric Power Cell, in tests conducted over the last two weeks.

The tests that were conducted included procedures for quantifying the reaction of magnesium in the electric power cell. The measurements taken indicate the potential for greater than expected production rates for hydrogen in the system. These tests were undertaken through Alchemy's Task Plan with JPL and were headed by the JPL team assigned to the Power Cell Project. The purpose of the testing was to calibrate the magnesium material density and porosity for even disbursement during the thermal process as well as establishing thermal models and reaction rates for establishing optimum reactor size for production devices.

Howard Foote, Executive Director and CTO of Alchemy Enterprises states, "This was a major test process for Alchemy. It represents a significant benchmark in the Electric Power Cell development, validating many of the theoretic expectations and guiding the continuation of the actual design and fabrication of the prototype, which is expected to be showcased powering a city bus in the first quarter of 2007."

About Alchemy Enterprises, Ltd.

Alchemy Enterprises, Ltd. is an alternative energy company that is developing a new electric power cell technology that it believes will generate and manage electricity to power a broad range of applications, buses, and cars. Working in a research and development partnership with NASA's Jet Propulsion Laboratories, the patent-pending electric power cell technology, if developed and tested, may provide a clean, environmentally friendly, re-usable source for electric power and fuel.

For additional information please visit: www.alchemy-energy.com

Forward Looking Statement:

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.